5U.K.Acquiring or holding relevant investments shall not be treated as excluded by paragraph 1 above where it arises out of—
(a)any element of investment services comprising—
(i)acquiring or holding relevant investments as a nominee,
(ii)establishment and management of pension schemes,
(iii)establishment and management of personal equity plans, or
(iv)establishment and management of collective investment schemes,
(b)the service of trusteeship, or
(c)the service of executorship.